"The rich ruleth over the poor, and the borrower is servant to the lender."
(Proverbs 22:7 KJV)
"The wicked borroweth, and payeth not again: but the righteous sheweth mercy, and giveth."
(Psalms 37:21 KJV)
When you have considered your living expenses (your needs), made provision for the Possible Problems to success and set up giving and wants, you have made your basic Financial Plan. The Budget is a tool that lets you track how well you are sticking to your plan. It will include the following: 1) All payments you must make (Psalms 37:21 KJV), 2) Taxes you expect to pay after withholding (if any)(Romans 13:6-7), 3) Your family average Needs (food, clothing, shelter, transportation), 4) Income average (6-12 months), 5) Emergency Saving, 6) Giving (Leviticus 27:32), and 7) Wants. This Budget is a living document and it will change whenever your income or expenses change significantly. To avoid reworking the plan, any change in a budget item must be balanced by changes to one or more other budget items. This should not happen often but any change in the Budget or Plan must be done with the entire family so everyone knows what and why changes have been made.
By this time you have finished planning and budgeting. It is now your personal responsibility to watch your expenses daily and stay within the budget. You can give to God every week with confidence that your other responsibilities will be met. You should regularly review your plan and budget twice a year for any necessary changes.
Our Awesome God is not concerned about the techniques you use to manage the things He gives you but He is concerned that you meet your worldly obligations as well as your obligations to God. Your plan will help you do all of that but it must be made and operated with prayer. Our Awesome God will help you if you ask Him. He owns everything!! So when your plan works, give God the glory and testify to others about His grace. (Genesis 1:1; Genesis 1:27-28)
Our church is a loving church that wants to help others to a better understanding of Our Awesome God and His love, mercy and grace for all of mankind. Join us at Living Word Baptist Church as we love others while preaching and teaching from our Holy Bible about God and His Son, Jesus Christ. Our church has a Bible Study at 9:30 AM on Sunday and Worship Service at 10:30 AM and then at 6:00 PM there is another Bible Study. We love visitors!
"Then she came and told the man of God. And he said, Go, sell the oil, and pay thy debt, and live thou and thy children of the rest."
(2 Kings 4:7 KJV)
"For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it?"
(Luke 14:28 KJV)
If you have tried the exercises described in the first two parts of this personal finance series, you have the beginnings of a Financial Plan for your family. However, as it stands, it is a simplified effort lacking the assistance and reviews that come with a more complete program like Dave Ramsey’s Financial Peace University. Be assured that each family is different and needs to have their financial planning work overseen by an objective, knowledgeable mentor beside those implementing it. This mentor will watch out for Possible Problems that may cause your Financial Plan to fail. (This will help your children as well as yourself). These include (your family may have more problems): 1) Emergencies, 2) All people with access to the family money are not committed to the plan, 3) Failure to keep daily records of money spent and amount that is left. If you know of other potential Possible Problems, add them to your list. The Possible Problems and their answers will differ from family to family but they must be provided for before starting on your plan, if possible. A complete program, as above, will discuss options and help you choose what is right for your family.
Our Awesome God wants your devotion and your obedience. It distracts you from God if your finances and your debt are out of control. If you have accurately followed #1 and #2, (#1 is the hardest to get right) you have a plan to pay for your bills, taxes and needs. The remaining money can be used to give to God, to provide for the Possible Problems to reduce your debt and allow for some wants, all of which will become part of the plan.
Starting on your plan may not be easy since you have to give up many of your wants. This is temporary because one purpose is to reduce your "must pays" so you can increase your giving and have more of your wants. So get your Needs and a 6 months' average income together. Our Awesome God wants to bless you even more than He does now but you need to know how to handle those riches when He gives them to you. There is one more important tool for your plan. On Sunday, May 24th, we will discuss the Budget as a part of the Financial Plan.
Join us at Living Word Baptist Church at 10:30 AM every Sunday and Bible Study is at 6:00 PM on Sunday evening. We have an Intercessory Prayer Team and Bible Study at 7:00 PM Monday and Wednesday. Learn with us how to use and invest your time and money with wisdom for Our Awesome God!
"Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law."
(Romans 13:8 KJV)
"Honour the Lord with thy substance, and with the firstfruits of all thine increase: So shall thy barns be filled with plenty, and thy presses shall burst out with new wine."
(Proverbs 3:9-10 KJV)
Indebtedness, written for April 25, 2015 on the web site, gives you a start on seeing where you might reduce the amount you spend each month. You can read it by scrolling down on this website. (There is no print function but you can copy it and paste it into any word processor file.) Review it so you can understand what Our Awesome God has to say about indebtedness and how to start getting it under control. Get your finances totaled so you know what you are buying and how much you are paying for each need you and your family have. Get rid of the “wants” so you can focus on the needs and paying off the debts.
Now let us focus on giving to God. Remember, God, the Creator, owns it all and gives some of it to each of us. We are trying to see how much He wants us to keep and how it should be used. Our Awesome God wants us to give our "first fruits" (or most important things) to Him, willingly and joyfully as a part of our worship of Him. But when all the bills are paid each month, do you and your family have any money left? If not, you are buying more than you need because Our Awesome God has promised to supply all our needs (Philippians 4:19). If you have debt, it probably includes more than your need but it is already spent and the money owed is not yours, it belongs to your creditor. When you have paid your debts and paid for your real needs, there may be money left for giving and for your wants. Give God the part of it that you are happy to give, knowing that you are giving up some of your wants and none of your needs. There is no set percentage but give something! The next time, the money left may be different. If it is less, maybe half, give less, like half of what you gave before. If it is double, give double. This is called proportional giving. God wants to bless us with more blessings because, whatever the amount, we have given Him from what is most important to us.
We should get our finances and especially our debts under control first so that, eventually, we "Owe no man any thing, but to love one another..." (Romans 13:8). As your debts are paid off, your proportional giving will increase and you will find yourself giving a tithe (10%) and more to Our Awesome God. Giving a little money as it becomes available is important to a Christian Child of the King. As you work through getting out of debt, be about the work of the Kingdom of God and God will bless you that way also.
Join us at LWBC every Sunday at 9:30 AM, we have small group Bible Studies and at 10:30 AM, we meet in the sanctuary for Worship Service. Sunday evening at 6:00 PM we have Bible Study and AWANA for children. Our programs include Home Bible Studies and a Wednesday Prayer Meeting.
Flo & Bill